While testing with a DFRobot Gravity Lightning Sensor I came across some possible issues with the current ESPHome AS3935 component.
It looks like some of the Configuration variables do not allow the full range to be set.
According to the AS3935 Datasheet The noise_level variable has a possible range of 0 to 7 (or 000 to 111 in binary), but in the ESPHome component it can only be set from 1 to 7, missing the most sensitive setting of 0.
From the Datasheet:

In the ESPHome configuration editor:

In the ESPHome as3935.cpp code on Github:

Similar, according to the AS3935 Datasheet The spike_rejection variable has a possible range of 0 to 11, but in the ESPHome component it can only be set from 1 to 11.
And according to the AS3935 Datasheet The watchdog_threshold variable has a possible range of 0 to 10, but in the ESPHome component it can only be set from 1 to 10.
I plan to report an issue about these points on Github, but to be sure my findings are correct I would appreciate to get some feedback first from other users.